REPORT: Retail Vacancy Lowest Since Before Great Financial Crisis
Original Article by: January 13, 2023Dees Stribling, Bisnow National (see link below)
Similar to the residential market, the commercial markets have a very low inventory. This is especially true when new business owners are looking for retail space.
Low Inventory + Strong Demand = Higher Prices.
If you know of anybody looking for a space, could you call me for a free consultation before they start looking? And remember, never shop without an agent.
"During the fourth quarter of 2022, vacancies overall dropped 20 basis points to 5.7%, the lowest that particular metric has been since 2007, just before the onset of the Great Financial Crisis, the company reports. Moreover, asking rents for shopping centers rose during the quarter by 0.8% to an average of $22.99 per SF, as the nation experienced a net positive of 10.9M SF of retail space absorption and low levels of new development. That was the seventh quarter in a row of positive U.S. retail absorption."